The recurring payment object is only used if FinDock is used as its own source. The Recurring Payment object allows you to define a certain amount to be receivable each month, quarter, twice a year or yearly. And define the required payment method and processor. When performing a bulk collection run, the installment generator will create a new installment for every recurring payment object that has a next collection date less or equal to the selection date specified on the payment schedule record. For more information on the installment generation for Recurring Payments, see Introduction to payment schedules.
A few of the key fields on the Recurring Payment object are:
- Amount : this specifies the amount receivable for each frequency (ie: 25 each month)
- Frequency : this indicates with what frequency the amount is to be paid. This determines how often a new installment is created.
- Payment Method & Processor : these fields control with what payment method, and through with payment processor installment created from this recurring payment will be processed.
- Next Collection Date : this field is used to determine if a new installment should be created, and is based on the frequency and the Last Collection Date.
- Payment Profile : some payment methods (such as Direct Debit) require additional information in the form of a bank account, IBAN or credit card token. The Payment Profile field contains a reference to the record containing this information, see Payment Profile for more details.
The recurring payment object can be customized to fit the requirements of your organization. Creating additional custom fields is supported, and these can even be supplied through the Payment API when submitting a new recurring transaction. When defining custom fields as required, make sure the Payment API is also supplied with these fields otherwise the transaction will fail.